Adoption of IFRS in Global Scenario

2016 ◽  
Vol 3 (1) ◽  
Author(s):  
Debarshi Bhattacharya
Keyword(s):  
United States ◽  
Capital Markets ◽  
Reporting System ◽  
Accounting Standards ◽  
Financial Statements ◽  
The United States ◽  
National Standards ◽  
Financial Accounting ◽  
Ifrs Adoption ◽  
Guinea Bissau

This paper aims to show overall position of the process of IFRS adoption worldwide as well as in India to harmonize the global financial accounting and reporting system. Worldwide homogeneous accounting standards have been set out by the IASB in form of IFRS. It is generally expected that worldwide adoption of IFRS will be beneficial to investors and other users of financial statements. Out of worldwide 140 jurisdictions as developed by IFRS Foundation, 116 jurisdictions require IFRS for all or most domestic publicly accountable entities in their capital markets. Of the 24 jurisdictions that do not require IFRS for all or most domestic publicly accountable entities, 14 already permit or require IFRS for at least some domestic publicly accountable entities. Only 10 jurisdictions currently do not require or permit IFRS for any domestic publicly accountable entities. One of those (Thailand) is in the process of adopting IFRS in full, and another (Indonesia) is in the process of convergence of its national standards with IFRS. The remaining eight that use national or regional standards are Bolivia, China, Egypt, Guinea-Bissau, Macao, Niger, the United States and Vietnam. Out of the 14 countries that have adopted IFRS for at least some (but not all) domestic publicly accountable entities, India is one of them.

The Contrast Research of Presentation and Disclosure about other Comprehensive Income

2014 ◽  
Vol 687-691 ◽  
pp. 5080-5084
Author(s):  
Xing Wei
Keyword(s):  
United States ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Comprehensive Income ◽  
Other Comprehensive Income ◽  
Income Reporting

This article compares and analyzes the distinguish between the accounting standards for enterprises in our country about other comprehensive income reporting and disclosure of financial accounting standards from the IAS (International Accounting Standards) and the FASB in the United States, through four aspects as the meaning of other comprehensive income, the concrete content and accounting, presentation and disclosure.

scholarly journals Editorial

2017 ◽  
Vol 10 (2) ◽  
pp. 191-193
Author(s):  
Gideon Els
Keyword(s):  
United States ◽  
Credit Card ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
Financial Accounting Standards Board

In the second part of her research, Sophia Brink again looks at the accounting treatment of credit card rewards programmes. In May 2014 the IASB and the United States Financial Accounting Standards Board (FASB), published IFRS 15

scholarly journals ABOUT THE FINANCIAL REPORTING ON THE CAPITAL MARKETS IN THE EUROPEAN UNION: REQUIREMENTS OF USING THE IFRS AND THE EQUIVALENCE OF THIRD COUNTRY ACCOUNTING STANDARDS

2013 ◽  
Author(s):  
Aristita Rotila
Keyword(s):  
European Union ◽  
Financial Reporting ◽  
Capital Markets ◽  
Accounting Standards ◽  
Financial Statements ◽  
National Standards ◽  
The European Union ◽  
Consolidated Financial Statements ◽  
Community Capital ◽  
Single European Market

The need to build a single European market and to ensure the competitiveness of the community capital markets led to the involvement of European Union in the convergence process taking place on a global level in the realm of financial reporting. This paper is a study on financial reporting for the capital markets in the European Union by analyzing the accounting standards that need to be applied. Specifically, this paper highlights a number of issues concerning: the adoption of IAS / IFRS in the European Union and their compulsory aspect in preparing the consolidated financial statements for the companies listed on a regulated market; the requirement’s extension of using the IFRSs adopted in the European Union to the issuers of certain third countries involving a public offer of securities in European Union or performing transactions with securities on a community regulated market; the establish of a mechanism for the determination of equivalence of certain third country accounting standards with IFRSs in force at European level and, consequently, the possibility of using by some third country issuers, in preparing the consolidated financial statements submitted to the European markets, recognized national standards as equivalent to adopted IFRS.

THE EVOLUTION OF THE CONCEPTUAL FRAMEWORK FOR BUSINESS ENTERPRISES IN THE UNITED STATES

1999 ◽  
Vol 26 (2) ◽  
pp. 89-131 ◽  
Author(s):  
Stephen A. Zeff
Keyword(s):  
United States ◽  
Conceptual Framework ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
American Institute ◽  
Decision Usefulness ◽  
Business Enterprises ◽  
The U.S

Institutional efforts in the U.S. to develop a conceptual framework for business enterprises can be traced to the Paton and Littleton monograph in 1940 and later to the two Accounting Research Studies by Moonitz and Sprouse in 1962–1963. A committee of the American Accounting Association issued an influential report in which it advocated a “decision usefulness” approach in 1966, which was carried forward in 1973 by the report of the American Institute of CPAs' Trueblood Committee. All of this laid the groundwork for the conceptual framework project of the Financial Accounting Standards Board (FASB), which published six concepts statements between 1978 and 1985. A seventh concepts statement is likely to be published in 2000. It is still not clear how the FASB's conceptual framework has influenced the setting of accounting standards, and some academic commentators are skeptical of the usefulness of all normative conceptual framework projects.

The Influence of Accounting Theory on the FASB Conceptual Framework

2017 ◽  
Vol 44 (2) ◽  
pp. 109-124 ◽  
Author(s):  
C. Richard Baker
Keyword(s):  
United States ◽  
Conceptual Framework ◽  
20Th Century ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
Accounting Practice ◽  
Accounting Theory ◽  
Primary Basis

ABSTRACT During the first half of the 20th century, “accounting theory” developed primarily by accounting scholars and academics provided the primary basis for the practice and teaching of financial accounting in the United States. Since the creation of the Financial Accounting Standards Board (FASB) in the early 1970s, the FASB Conceptual Framework has provided the primary basis for accounting standards-setting, as well as for the practice and teaching of financial accounting. While the purpose of creating a Conceptual Framework has been to develop an agreed-upon set of concepts and principles to guide accounting standards-setting, a related goal has been to reduce diversity in accounting practice and to move toward greater uniformity. This paper traces the influence of accounting theory on the Conceptual Framework and explores some of the consequences of this influence.

scholarly journals Globalisation of accounting standards and competitive posture of Indian companies

2011 ◽  
Vol 59 (2) ◽  
pp. 279-290
Author(s):  
Monica Singhania ◽  
P. K. Gupta
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Accounting Standards ◽  
Financial Statements ◽  
Regulatory Issues ◽  
Ifrs Adoption ◽  
The Status ◽  
International Investors ◽  
The Impact ◽  
Chartered Accountants

Unification of the global financial reporting system is essential to enable comparability of financial statements at the international level in post crisis competitive environment. IFRSs are increasingly gaining acceptance as global accounting standards. With European Union adopting the IFRS in 2005, as on date over 116 countries have already either converged their accounting standards with IFRS or adopted IFRS as such and many more are in the process. Countries refusing IFRS are likely to be viewed as more risky by the international investors thereby affecting the inflow of capital to such countries. In India, the Institute of Chartered Accountants of India (ICAI) the apex body dealing with accounting standards has declared the roadmap of IFRS convergence in a phased manner from April 1, 2011. Our paper highlights the status of Indian accounting standards converging to IFRS as of now. In addition, a full fledged theoretical framework is developed showcasing, the convergence timeline, the major differences in the treatment of select items under these two alternative accounting environments, exact stage at which the Indian accounting standards are today in view of the announced convergence to IFRS and the legal and regulatory issues in converging to IFRS in India. We investigate the case of 150 odd firms and show the impact of convergence on financial ratios and the related valuation concerns. Finally, we indicate the strategic implications of IFRS adoption to Indian companies.

scholarly journals The Prospects Of Replacing GAAP With IFRS In The United States

2012 ◽  
Vol 12 (1) ◽  
pp. 25
Author(s):  
RamMohan R. Yallapragada ◽  
C. William Roe ◽  
Alfred G. Toma
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Accounting Standards ◽  
The United States ◽  
Capital Allocation ◽  
Financial Accounting ◽  
Future Perspective ◽  
International Accounting ◽  
International Accounting Standards ◽  
The Us

Historically, each country developed its own Generally Accepted Accounting Principles (GAAP) for financial accounting and reporting and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become difficult leading toward suboptimal capital allocation across countries in the world. Gradually, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. As a result, the International Accounting Standards Committee (IASC) was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). At this point about 100 countries have adopted IFRS for their financial reporting purposes. In 2010, the US Securities Exchange Commission (SEC) stated that it would be able to make a decision on the adoption of the IFRS in the United States within that year and would allow a five-year period for complete transition, if it is decided to incorporate the IFRS into the U S reporting standards. An intense debate ensued for and against incorporation of IFRS into the US GAAP. Four alternative processes are suggested for the transition - outright adoption, convergence, endorsement, and co-endorsement. This paper presents details of each of these suggested alternatives and future perspective of the adoption of IFRS into the U S accounting and reporting system.

scholarly journals Evaluasi Penyajian Akuntansi Zakat Sebagai Sumber Pendapatan Asli Daerah (PAD) pada Baitul Mal Aceh

2019 ◽  
Vol 1 (2) ◽  
Author(s):  
Cut Nila Kusumawati
Keyword(s):  
Reporting System ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
Financial Report ◽  
Local Finance ◽  
Local Revenue ◽  
Government Accounting

Baitul Mal Aceh presents two different financial statements each year, which are the financial statements of SFAS No. 109 and financial statements according to Government Accounting Standards (SAP). This indicates a problem in the mechanism of disbursement and distribution of zakat funds that have been incorporated into the Original Revenue because it must follow the rules of local finance and equated with other local revenue. As for the financial report Baitul Mal Aceh as a whole has implemented a reporting system in accordance with Statement of Financial Accounting Standards No.109. However, there are still some unsuitable items, such as no amil funds, non-halal funds, no separation of non-existent funds and no reports of changes in assets under management. This should be a serious concern because with the presentation of the correct financial statements, the muzakki belief in the image of Baitul Mal Aceh will be built so as to increase the accumulation of zakat funds.

scholarly journals Incorporating International Financial Reporting Standards Into The United States Financial Reporting System: Timeline And Implications

2012 ◽  
Vol 11 (3) ◽  
pp. 283 ◽  
Author(s):  
RamMohan R. Yallapragada
Keyword(s):  
United States ◽  
Multinational Corporations ◽  
Financial Reporting ◽  
Accounting Standards ◽  
The United States ◽  
Capital Allocation ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
The Us

In the United States of America (US), all the accounting procedures and guidelines for measurement and reporting by business firms are governed by a body of principles and concepts known as Generally Accepted Accounting Principles (GAAP). These GAAP are presently issued by the Financial Accounting Standards Board (FASB) with the authority delegated by the Securities and Exchange Commission (SEC). Historically, each country developed its own GAAP and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become impossible leading toward suboptimal capital allocation across countries in the world. Gradually, with the advent of multinational corporations, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. Initiative for uniform global accounting standards came from International Accounting Standards Committee (IASC) which was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). Till now about 100 countries have adopted IFRS for their financial reporting purposes. The SEC has yielded to the global pressure to adopt IFRS in the US. SEC has set a timeline for US business firms to change over from US GAAP to IFRS. This paper presents the background and development of the movement of IFRS, timeline for the change in US and the implications involved in the adoption of IFRS in the US.

Financial Accounting Standards in the United States: 1973-?

Abacus ◽  
1973 ◽  
Vol 9 (1) ◽  
pp. 3-15 ◽  
Author(s):  
KERMIT D. LARSON ◽  
GARY L. HOLSTRUM
Keyword(s):  
United States ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting
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